{"id":43368,"date":"2023-11-07T04:41:17","date_gmt":"2023-11-07T04:41:17","guid":{"rendered":"https:\/\/prosfunds.com\/business\/indonesias-president-pushes-us-over-delayed-20bn-funding-for-green-transition\/"},"modified":"2023-11-07T04:41:17","modified_gmt":"2023-11-07T04:41:17","slug":"indonesias-president-pushes-us-over-delayed-20bn-funding-for-green-transition","status":"publish","type":"post","link":"https:\/\/prosfunds.com\/?p=43368","title":{"rendered":"Indonesia\u2019s president pushes US over delayed $20bn funding for green transition"},"content":{"rendered":"<div>\n<p>Unlock the Editor\u2019s Digest for free<\/p>\n<p class=\"article__content-sign-up-topic-description\"><span>Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.<\/span><\/p>\n<p><iframe class=\"article__content-sign-up-iframe close\" scrolling=\"no\" id=\"signUpIframe\" data-prev-url=\"\/register\/in-article-sign-up?ft-content-uuid=880e4c9c-89ec-4655-b37f-f6668b08c644\"><\/iframe><\/div>\n<div id=\"article-body\">\n<p>Indonesia\u2019s president Joko Widodo has called on the west to release a promised $20bn to finance his country\u2019s green energy transition and do more to support its critical minerals industry, which underpins emerging technologies such as electric vehicles and batteries.<\/p>\n<p>In an interview with the Financial Times, Widodo said there was \u201ctremendous\u201d concern in Indonesia over the delay of the funds, which a group of advanced economies, led by the US, promised a year ago to help accelerate the closure of its coal-powered plants.<\/p>\n<p>\u201cDon\u2019t question Indonesia\u2019s commitment towards [the] energy transition. What I\u2019m questioning is the commitment of the developed states,\u201d he said, adding that he had raised the issue at the G7 summit in Japan in May and the G20 summit in India in September.<\/p>\n<p>\u201cIndonesia has walked the talk. We have even gone so far as developing the electric vehicle industry to support green energy,\u201d he said, adding he was confident that western financing would materialise.<\/p>\n<p>Widodo\u2019s rare public intervention\u00a0came at a time of intense geopolitical interest in the region. During his nine years in office, he has sought to steer Indonesia on a middle path between Washington and Beijing, with Chinese companies dominating the country\u2019s nickel supply chain.<\/p>\n<figure class=\"n-content-image n-content-image--full\"><picture><source media=\"(min-width: 700px)\"  width=\"2290\" height=\"1526\"><\/source><source media=\"(max-width: 490px)\"  width=\"1526\" height=\"1526\"><\/source><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/prosfunds.com\/wp-content\/uploads\/2023\/11\/https:\/\/d1e00ek4ebabms.cloudfront.net\/production\/fb5c9d00-2957-4bcd-9e0c-5693b98109f0.jpg\" alt=\"Workers monitor a nickel smelter in Indonesia\" data-image-type=\"image\" width=\"2290\" height=\"1526\"><\/picture><figcaption class=\"n-content-picture__caption\"><span>Despite its pledge to transition away from coal power, Indonesia has expanded private coal plants to power nickel processing<\/span><span> <!-- -->\u00a9 Ajeng Dinar Ulfiana\/Reuters<\/span><\/figcaption><\/figure>\n<p>The Indonesian president, who is widely known as Jokowi, spoke ahead of a bilateral meeting with US president Joe Biden at the Asia Pacific Economic Cooperation summit, which starts this weekend, when he will push for an exemption to allow Indonesia\u2019s nickel industry to benefit from subsidies in the Inflation Reduction Act.<\/p>\n<p>Indonesia is the world\u2019s largest producer of the mineral and has protested against its exclusion from Washington\u2019s landmark sweeping green energy funding package. US lawmakers have said that such a deal would in effect subsidise the Chinese companies that control Indonesia\u2019s nickel industry via joint ventures.<\/p>\n<p>\u201cIf we can reach this agreement [on an exemption], it will be a major step for Indonesia and the US and it will be a breakthrough for the global electric vehicle industry,\u201d Widodo said in Nusantara, Indonesia\u2019s new planned capital.<\/p>\n<p>He also firmly rejected the idea that Indonesia segregate its nickel supply chain between China and the US. \u201cWe would like to keep our options open for all countries,\u201d he added. \u201cThere are still other markets, but we want the US market.\u201d<\/p>\n<p>The Just Energy Transition Partnership \u2014 under which Indonesia was promised $20bn to facilitate its transition away from coal \u2014 is seen as a crucial test of how developed nations and financial institutions will work with developing economies on climate change.<\/p>\n<p>Multilateral organisations involved in the negotiations said a crucial reason for the delay was the difficulty faced by the US and its allies, including the UK and EU, in getting budget approval to release funds.<\/p>\n<p>Even as Indonesia calls for more funding to help it pivot away from coal, private coal power has been expanding, often for nickel processing, a sticking point with the west. There was no mention of plans to cut the so-called captive coal plants \u2014 many of which power nickel smelters \u2014 in Indonesia\u2019s recent draft investment plan for the climate deal.<\/p>\n<figure class=\"n-content-image n-content-image--full\"><picture><source media=\"(min-width: 700px)\"  width=\"2290\" height=\"1527\"><\/source><source media=\"(max-width: 490px)\"  width=\"1527\" height=\"1527\"><\/source><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/prosfunds.com\/wp-content\/uploads\/2023\/11\/https:\/\/d1e00ek4ebabms.cloudfront.net\/production\/539dafce-33aa-48c0-9683-2b985d4d2cba.jpg\" alt=\"Environmental activists in front of the General Election Commission building in Jakarta, Indonesia on Novemeber 3 2023 \" data-image-type=\"image\" width=\"2290\" height=\"1527\"><\/picture><figcaption class=\"n-content-picture__caption\"><span>Environmental activists in Jakarta call for Indonesia\u2019s presidential candidates to commit to phasing out coal power<\/span><span> <!-- -->\u00a9 Bay Ismoyo\/AFP\/Getty Images<\/span><\/figcaption><\/figure>\n<p>The US private sector, which will provide some of the funds under the JETP, has also raised concerns about policy uncertainty in Indonesia, with Widodo set to step down next year.<\/p>\n<p>Asked about criticism of Indonesia\u2019s failure to reduce coal power, Widodo declined to address the issue directly but said his government remained committed to decarbonising its economy. \u201cWe know that climate change is a serious problem. We will shift from coal to green energy,\u201d he said.\u00a0<\/p>\n<p>China has sensed an opportunity in the delay.\u00a0Beijing and Jakarta launched the Indonesia-China Energy Transition Cooperation dialogue ahead of the 10th anniversary of Xi Jinping\u2019s Belt and Road Initiative in October, and China has promised billions in new green investments for Indonesia.\u00a0\u00a0<\/p>\n<p>Widodo has presided over almost a decade of economic growth and is hugely popular, but will reach the presidential term limit next autumn.<\/p>\n<p>One of the top initiatives of the 62-year-old leader\u2019s second and final term has been to ban exports of raw nickel ore and encourage investors to build factories and processing facilities.<\/p>\n<p>Widodo also warned that EU carbon controls targeting iron and steel would be \u201cvery damaging\u201d to the Indonesian economy and voiced concern about the fallout of deforestation regulation passed this year on producers of coffee, palm oil and rubber, three of his country\u2019s biggest exports.\u00a0<\/p>\n<p>\u201cPalm oil producers are not just large companies, 45 per cent of them are smallholders, involving 16mn people,\u201d said Widodo, adding that coffee, tea and cocoa farmers would also be badly hit.<\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.ft.com\/content\/880e4c9c-89ec-4655-b37f-f6668b08c644\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Unlock the Editor\u2019s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Indonesia\u2019s president Joko Widodo has called on the west to release a promised $20bn to finance his country\u2019s green energy transition and do more to support its critical minerals industry, which underpins emerging technologies such [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[23],"tags":[],"class_list":{"0":"post-43368","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Indonesia\u2019s president pushes US over delayed $20bn funding for green transition | Prosfunds<\/title>\n<meta name=\"description\" content=\"Unlock the Editor\u2019s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly 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